Capital Region appraiser facing fraud charges

The owner of a Capital Region appraisal company facing federal bank fraud charges for his alleged role in a mortgage fraud and property-flipping scheme that authorities say reaped more than $200,000 over a three-year period says the accusations against him are a “mystery.”

The four counts of bank fraud and one of witness tampering date back to 1998, when Michael Cassadei contends he was a “novice real estate investor” who relied on title and mortgage companies and his attorney to handle his business ventures.

“These deals, when they were disposed of, were closed at an attorney’s office after attorney review,” he said Monday. “What happened there is a mystery to me, and I need to sort it out and figure out where it’s going.”